By Andrea Heisinger
New York, Aug. 14 - Baltimore Gas & Electric Co. sold $250 million of 2.8% 10-year senior notes on Tuesday to yield Treasuries plus 112 basis points, a source away from the trade said.
The notes (Baa1/BBB+/BBB+) were priced at 99.62 to yield 2.844%. There is a make-whole call at Treasuries plus 20 bps until May 15, 2022 with a par call after that date.
Bank of America Merrill Lynch, Goldman Sachs & Co. and Morgan Stanley & Co. LLC were the active bookrunners. Passive bookrunners were BNY Mellon Capital Markets LLC and Credit Agricole Securities (USA) Inc.
Co-manager was Williams Capital Group LP.
Proceeds will be used to repay total outstanding commercial paper obligations and for general corporate purposes.
The Baltimore-based electric and natural gas utility was last in the market with a $300 million sale of 3.5% 10-year notes priced at 150 bps over Treasuries on Nov. 10, 2011.
| Issuer: | Baltimore Gas & Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | Aug. 15, 2022
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. LLC (active), BNY Mellon Capital Markets LLC, Credit Agricole Securities (USA) Inc. (passive)
|
| Co-manager: | Williams Capital Group LP
|
| Coupon: | 2.8%
|
| Price: | 99.62
|
| Yield: | 2.844%
|
| Spread: | Treasuries plus 112 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until May 15, 2022, par call after
|
| Trade date: | Aug. 14
|
| Settlement date: | Aug. 17
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
